Coronavirus' fallout for Hong Kong and Singapore

New: Gift this subscriber-only story to your friends and family

A decade ago, economists used to quip that "when America sneezes, the world catches a cold". Now that cliche seems more applicable to China, as the country currently accounts for 18 per cent of global economic output (purchasing power parity basis), 28 per cent of world manufacturing production, 13 per cent of global exports and 11 per cent of world imports.

It is also the world's second largest recipient of foreign direct investment (FDI) inflows, and its third largest FDI exporter. China is not only the largest trading partner with 125 countries, but it also holds a central place in the network of global supply chains. Last but not least, Chinese outbound tourists, at 150 million yearly, are the world's biggest travelling tribe - who collectively spend US$279 billion (S$388 billion) annually.

Already a subscriber? 

Read the full story and more at $9.90/month

Get exclusive reports and insights with more than 500 subscriber-only articles every month

Unlock these benefits

  • All subscriber-only content on ST app and straitstimes.com

  • Easy access any time via ST app on 1 mobile device

  • E-paper with 2-week archive so you won't miss out on content that matters to you

Join ST's Telegram channel and get the latest breaking news delivered to you.

A version of this article appeared in the print edition of The Straits Times on February 17, 2020, with the headline Coronavirus' fallout for Hong Kong and Singapore. Subscribe